Binance is currently considered one of the most popular trading platforms in the market right now, and having a popular figure like Cristiano Ronaldo as its major brand ambassador further solidifies its stance as the kick in the game.
With more than 180 countries supporting the use of Binance and giving people the privilege to trade on more than 500 cryptocurrencies, most users will tell you that it’s the real deal in the crypto world.
But there are certain things you surely need to know about Binance before investing your money in it, which is what we’re going to be talking about right here…
According to Forbes.com, there are about 500 crypto platforms out there. These trading platforms help to broker crypto deals for other assets, including digital and fiat currencies. These platforms act as intermediaries between buyers and sellers of crypto, by offering the necessary guidelines and tools so you can buy and sell digital currencies like Bitcoin, Ethereum, Dogecoin, etc. Binance happens to be one of them.
Binance was founded back in 2017 by Chinese software developer, Changpeng Zhao. It remains one of the best resources for crypto trading.
Apart from trading with different varieties of coins, it also accepts a wide range of currencies such as the US Dollars, Euros, Australian Dollars, Chinese Yuan, Japanese Yen, Nigerian Naira, South African Rand, etc…and other fiat currencies.
I signed up on Binance without having any knowledge about the platform. Let’s just say I was just caught up with the way friends and other people have been talking about the platform and lots of adverts promoting the site.
The most interesting part was that Binance was running a promo code back then. So the whole scenario just caught my attention and I had to just register with them.
I didn’t pay to make proper research about the platform, cos all I wanted was a good platform to run my swift trading. Remember, I was not fully integrated into trading, but admired the user-friendly interface of Binance to start with.
One of the reasons why Binance is ranked high on the global crypto trading market is that it rewards high-volume crypto traders with lower transactional fees.
Another key business factor is that there are different order types which is been enabled by Binance, such as limit, market and stop-limit, and over-the-counter (OTC) trading, which helps to cover most needs of the crypto traders.
Now, let’s take a look at some of the key things you should know about Binance, as well as how to explore its features…
What You Need to Know About Binance
Binance Peer–to–Peer Trading (P2P trading)
Binance also has a feature known as P2P trading. If you’re a buyer, for instance, this service automatically links you with potential crypto sellers.
Not only that, but this feature also enables you to navigate through lots of payment options on Binance, including fiat payments.
Binance.US Exchange
This is one of the key features of Binance, which is specifically meant for U.S. users who are allowed to deposit their USD and trade directly against the U.S. currency at a low fee of 0.1%. Binance.US also offers its staking which is been calculated by its proof-of-stake coin.
Great Trading Fees
As I explained to you above; Binance offers affordable fees but only if you’ve reached the transaction limit of $50,000 within 30 days. What this means is that this feature will be automatically unlocked for you once you make a transaction of at least $50,000 within 30 days.
Binance Spot Trading
Binance Spot trading has two interfaces (Convert and Regular). The convert trading interface is for beginners and excludes all trading features, charts, and order types to make it easier for them.
The regular trading interface on the other hand is for advanced users, which includes interesting trading features, allowing users to trade up to ten times on different coins.
Binance Margin Trading
Margin trading, unlike Spot trading, is more advanced. Users can be able to trade ten times on some coins. It has both the Cross Margin and the Isolated Margin. While the former proves a high risk on your account balance, the latter does not, but rather put restrictions on your trading which protects you from future losses.
Strict Account Security
Talking of security; Binance makes use of two-factor authentication which is why there’s high confidence in crypto traders making use of the platform.
So with this, you can be able to properly secure your funds making it uneasy for hackers to access your account.
Binance Simple Earn Option
In this option, you’ll either have to choose an account for your fixed deposits, either on the Flexible or Locked accounts. With both differing interest rates in a given fixed deposit, the Locked products account pays higher interest.
Also, you’ll stand the chance of earning daily rewards simply by depositing assets, be it on Flexible or Locked terms. This reward will be credited to your Spot wallet starting from the 3rd day after your subscription.
Binance Visa Card
With the Binance Visa Card, you can easily spend your crypto holdings in a place that accepts fiat currency using your credit or debit card, and you get the opportunity to earn about 8% cash back on purchases. O
nce you order your first Binance Card, you’ll stand the chance to win up to 1,000 BUSD once you make your first transaction. Not only that, you can earn up to 20 BUSD when you refer a friend to sign up for the Binance Card.
After making a purchase, you’ll be able to convert your crypto holdings to fiat currency without the need of holding it physically at hand.
Binance Crypto Loans
Binance Crypto Loans offers you the opportunity to borrow crypto as loanable assets and collateral, which includes BUSD, USDT, BTC, and ETH. You can use your loan for trading (spot or margin), staking, or for withdrawals.
There’s a period you’re expected to pay back within 7, 14, 30, 90, or 180 days. Interest is been calculated based on the duration of your loan which is usually per per-hour.
Also, there’s an option for you to repay in advance, and there’s no penalty for early repayment.
There’s always an additional duration of 72 hours for loan terms of 7 and 14 terms, or 168 hours for loan terms of 30, 90, and 180 days. Failure to repay after this extension will incur a 3x interest charge, and failure to pay at all will require Binance to liquidate your collateral.
Binance Smart Pool
With the Binance Smart Pool, users will get the chance to earn additional huge profits by mining different currencies with the same SHA256 algorithm, which can be automatically switched among BTC, BCH, and BSV.
To use this feature, you’ll have to switch from general mining to Smart Pool mining without necessarily using the URL or user ID.
To create a mining account, you’ll have to first configure the mining URL and worker ID via the configuration page of the mining machine – Mining URL = stratum +tcp://sha256.poolbinance.com:8888 – Ports number = (8888, 3333, 1800, 443) > you’ll have to select “Mining Account Management” as your payment settings > select “More Settings” > then “Payment Settings” > after that, select “Smart Pool” and click “Save”.
Also See: 10 Best Apps to Redeem Your Gift Cards in Nigeria
How to Open Account on Binance
- Now that you’ve gone through the keynotes of Binance, if you still want to trade with the platform, you’ll have to follow the steps below to get started with the registration and trading:
- The first step is to sign up here by clicking on here
- You can choose to either “Sign up with Email or Phone“
- Now, you’ll have to enter your Personal Email address and then create a Password.
- Tick on both the “I have read and agree to Binance’s Terms of Service and Privacy Policy” and the “I agree to receive marketing updates from Binance” boxes.
- After that, click on “Create Personal Account.”
- A 6-digit verification code will be sent to you either by email or phone number, depending on the one you used. Enter the code and click “Submit.”
- Finally, your account is created; next thing is to verify it. “Click on “Verify Now” to get started.
- You can decide to verify your account via the Binance App or you can continue the verification process via your browser.
- Now, you’ll have to enter your Personal information, Government ID, and then run a Facial recognition
- Click “Continue” to start filling out your details (Personal Info, ID, and Facial Recognition).
How Do You Trade With Binance
Now, you’re all set to start your first-ever trading on Binance.
- The first thing you have to do is to click on “Derivatives” and select “Options.”
- Click on “Register Now” to open a new Binance Options account.
- Next thing is to click on “Transfer” to add funds to your Options Wallet.
- Now, you’ll have to choose either the “Call” or “Put” Options to open a position. Call Option enables you to buy crypto assets at an agreed date and time, whereas the Put Option enables you to sell crypto assets upon agreement.
- Once you’ve chosen either of the options, the Trading Panel will then be activated. You can click on the arrow icon to navigate through crypto market products, or you can click on the candlestick icon to navigate through the interface.
- The next step is to select “Order Type”
- Then enter the Price and Amount, and then click “Buy” if you’re buying to open a position. If you’re selling, after entering Price and Amount, you can click on “Sell”.
- You can now close your position by tapping “Close” which is located under “Positions.”
For quick access, you can download the Binance app on Google Play Store Google Play Store or Apple Store
Does Binance Actually Worth the Hype?
Just like I explained to you above, for the fact that Binance makes use of high security feature like Two-Factor Authentication (2FA), makes it a safe crypto exchange. Users are allowed and encouraged to use this feature to properly secure their accounts.
There are some other reasons why Binance is widely considered as one of the best:
One of the reasons crypto trading platforms like Binance are a good fit is because of the user-friendly interface which helps people invest and trade in crypto easily, and serves as a reliable centralized platform for your exchanges.
- The pricing is uniform for everyone, without any manipulation or control of prices from greedy individuals.
- Binance guarantees easy buying and selling of the most popular cryptocurrencies anywhere and anytime.
- Binance trading platform is risk-free ensuring that you’re adequately protected. What I mean by this is that there’s robust security that’ll help protect your investments. Not only that but you’re also guaranteed that your information and privacy are also well protected.
- Again, you’ll be protected from any form of fake trading as a result of market manipulation that we witness in decentralized exchanges.
- Your deposits and withdrawals are made swiftly and well protected with an insurance policy as well.
- You’ll be entitled to rewards and discounts that are not available in a decentralized crypto market.
CONCLUSION
Lots of people have been asking about the credibility of Binance in terms of account safety, and I’m sure that most of you reading this article still have that skepticism.
Well, in as much as the fact that all the trading platforms do not fully guarantee 100% safety, I can assure you that Binance is one of the most secure exchanges out there.
Whether you’re a beginner or advanced in crypto trading, using Binance will surely give you a good feeling of trading. Its user-friendly features are also top-notch and that is why it’s growing by the day with more users signing up.
Most notably, this platform has also received a wide range of good reviews from the crypto trading community, which is why I’ll categorically state to you that for the time being, I don’t think you have anything to worry about trading with Binance.
Well, I know it has some flaws, well, there’s nothing that doesn’t have flaws as long as it’s not much.